Zillow Advice: Home Buying - Kihei Listings? http://www.zillow.com/advice-thread/Kihei-Listings/399675/ Zillow Advice | Zillow Real Estate I just found out it actually ... http://www.zillow.com/advice-thread/Kihei-Listings/399675/ I just found out it actually sold for $720k. I'm glad you will be advising your buyers to use it as a comp. I hope sellers will be similarly advised. Thu, 19 May 2011 23:36:00 GMT http://www.zillow.com/advice-thread/Kihei-Listings/399675/ 2011-05-19T23:36:00Z Your points are right on.&nbsp; ... http://www.zillow.com/advice-thread/Kihei-Listings/399675/ Your points are right on.&nbsp; 81 Laukahi sold for $740,000 and as you stated it was a cash deal.&nbsp; It is my personal opinion, that when it comes to comps, it doesn't matter if the sale was an REO, short sale or regular sale, they should be&nbsp;all treated the same.&nbsp; Therefore, this sale will have an impact on the neighborhood.&nbsp; If my client were to make an offer in this neighborhood, we would use the sales price of 81 Laukahi to justify our offer.&nbsp; The question remains, will a seller accept the offer.&nbsp; No where is it written that a seller has to sell at fair market value.&nbsp; If the buyer and seller agree to a higher than fair market value and if the buyer is not a cash buyer, then it is likely that the price could be open to be re-negotiated when the appraisal comes in or the deal may fall apart at this point as the lender&nbsp;will require the buyer to make up the difference between the loan amount and higher sales price&nbsp;since the lender will lend against the lower of the sales price and appraisal. Thu, 19 May 2011 23:24:00 GMT http://www.zillow.com/advice-thread/Kihei-Listings/399675/ 2011-05-19T23:24:00Z Thanks for the observations. ... http://www.zillow.com/advice-thread/Kihei-Listings/399675/ Thanks for the observations. 81 Laukahi was in very good condition. Only the yard needed attention, which I doubt would make up for the $90,000 difference. I don't see why it matters whether this was an REO, or organic sale. Banks have appraisals done, and I don't think they can be termed "motivated" sellers. Since comps are king, my guess is that the rest of the neighborhood is going to be impacted, certainly in terms of offers. However, I am making an assumption here; that it sold for asking, or close to. I know it went for all cash and closed in 11 days. Thu, 19 May 2011 20:31:00 GMT http://www.zillow.com/advice-thread/Kihei-Listings/399675/ 2011-05-19T20:31:00Z Hi Maui Buyer,Great question.To ... http://www.zillow.com/advice-thread/Kihei-Listings/399675/ Hi Maui Buyer,<br/><br/>Great question.<br/><br/>To start with, at the end of the day the value of a property is what someone is willing to pay for it.&nbsp; Add to this the motivation of the seller.&nbsp; The property that sold was a bank owned property, so the bank was probably very motivated to get it off&nbsp;their books.&nbsp; The listing you pointed at is not a bank owned property.&nbsp; This is not my listing and I don't know the sellers or the sellers situation.&nbsp; One might assume that the bank was a more motivated seller and hence willing to go lower.&nbsp; The next item is the condition of the property.&nbsp; The listings you reference appears to be in excellent condition.<br/><br/>When I am working with my clients, we do our own fair market value analysis and based on this analysis we determine what my buyers are willing to pay for the property.&nbsp; This is where our offer number comes from, not the list price.&nbsp; Then the questions is, can we get to an agreement with the seller.<br/><br/>Finally, seller acceptance is many times influenced by factors in their life, other than the actual property.<br/><br/>I hope this helps.<br/><br/>-- Roy Vandoorn Thu, 19 May 2011 19:15:00 GMT http://www.zillow.com/advice-thread/Kihei-Listings/399675/ 2011-05-19T19:15:00Z